UNITED
STATES

SECURITIES
AND EXCHANGE COMMISSION

Washington,
D.C. 20549



FORM
10-QSB



[X]
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)

OF THE
SECURITIES EXCHANGE ACT OF 1934



[ ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR

15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934



For the
quarterly period ended: June 30, 2003



Commission
file number 000-26309



NATUROL
HOLDINGS LTD.

(Exact
name of registrant as specified in its charter)



Nevada                                                                                                   
98-0200471

(State or other
jurisdiction
of                                                           
(I.R.S. Employer

incorporation or
organization)                                                
Identification Number)



2300 Patrick Lane,
Suite 26

Las Vegas, Nevada                                                                                         
89119

(Address of Principal
Executive
Offices)                                                 
(Zip Code)



(702)
450-1600

(Registrant's
telephone number, including area code)





Indicate
by check mark whether the registrant (1) filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the last 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days.



Yes X     
No ____



The number of shares of Common Stock, $0.001 par value, outstanding on June 30,
2003, was 5,068,742 shares, held by approximately 40 shareholders.



Transitional Small Business Disclosure Format (check one):



Yes     
No X





ITEM 1. FINANCIAL
STATEMENTS



Naturol
Holdings, Ltd.

(A
Development Stage Company)

Condensed
Balance Sheet



|                                                               | June
      30, 2003 | December
      31, 2002
|-------------------------------------------------------------- | ------------------- | -----------------------
|                                                               | (Unaudited)         | (Audited)              
|Assets                                                         |                     |                        
|Current Assets:                                                |                     |                        
|Cash                                                           | $
      187         | $
      243            
|Notes receivable                                               | 4,500               | -                      
|                                                               |                     |                        
|Total current
      assets                                     | 4,687               | 243                    
|                                                               |                     |                        
|                                                               | $
      4,687       | $
      243            
|Liabilities and
      Shareholders' Deficit:                   |                     |                        
|Current
      liabilities:                                     |                     |                        
|Accounts payable                                               | $
      74,936      | $
      65,936         
|Notes payable                                                  | 129,574             | 114,292                
|                                                               |                     |                        
|Total current
      liabilities                                | 204,510             | 180,228                
|                                                               |                     |                        
|Shareholders'
      Deficit:                                   |                     |                        
|Common stock
      200,000,000 shares authorized               |                     |                        
|par value $.001,
      5,068,742 shares issued and outstanding | 5,069               | 5,069                  
|Paid-in-capital                                                | 72,181              | 72,181                 
|Deficit
      accumulated during the developmental stage       | (277,073)           | (257,235)              
|                                                               |                     |                        
|Total
      shareholders' deficit                              | (199,823)           | (179,985)              
|                                                               |                     |                        
|Total liabilities
      and shareholders' deficit              | $
      4,687       | $
      243            



See
notes to condensed financial statements





Naturol
Holdings, Ltd.

(A
Development Stage Company)

Condensed
Statement of Operations

Unaudited



|                                           | Six
      Months Ended June 30, 2003 | Six
      Months Ended July 31, 2002 | Three
      Months Ended June 30, 2003 | Three
      Months Ended July 31, 2002 | From
      Inception June 18, 2001 to June 30, 2003
|------------------------------------------ | ------------------------------------ | ------------------------------------ | -------------------------------------- | -------------------------------------- | ---------------------------------------------------
|Professional fees                          | $
      14,000                       | $
      98,150                       | $
      14,000                         | $
      76,180                         | $
      171,086                                    
|License fee                                | -                                    | -                                    | -                                      | -                                      | 50,000                                             
|Interest expense                           | 5,782                                | 3,344                                | 5,782                                  | 2,680                                  | 13,574                                             
|Expense of
      affiliate                 | -                                    | 60,446                               | -                                      | 48,956                                 | 3,875                                              
|Office expense                             | 56                                   | 9,118                                | 30                                     | 3,498                                  | 23,770                                             
|Travel &
      entertainment               | -                                    | 20,457                               | -                                      | 3,190                                  | 14,768                                             
|                                           |                                      |                                      |                                        |                                        |                                                    
|Net loss                                   | $
      19,838                       | $
      191,515                      | $
      19,812                         | $
      134,504                        | $
      277,073                                    
|                                           |                                      |                                      |                                        |                                        |                                                    
|Net loss per
      share basic and diluted | $
      (0.00)                       | $
      (0.01)                       | $
      (0.00)                         | $
      (0.01)                         | $
      (0.03)                                     
|                                           |                                      |                                      |                                        |                                        |                                                    
|Weighted average
      shares outstanding  | 8,442,650                            | 15,000,003                           | 8,442,650                              | 15,000,003                             | 10,128,628                                         



See
notes to condensed financial statements





Naturol
Holdings, Ltd.

(A
Development Stage Company)

Condensed
Statement of Cash Flows

Unaudited



|                                                            | Six
      Months Ended June 30, 2003 | Six
      Months Ended July 31, 2002 | From
      Inception June 18, 2001 to June 30, 2003
|----------------------------------------------------------- | ------------------------------------ | ------------------------------------ | ---------------------------------------------------
|Cash flows from
      operating activities:                 |                                      |                                      |                                                    
|Net loss                                                    | $
      (19,838)                     | $
      (191,515)                    | $
      (277,073)                                  
|Changes in
      operating assets and liabilities:          |                                      |                                      |                                                    
|Accounts payable                                            | 9,000                                | 43,187                               | 74,936                                             
|                                                            |                                      |                                      |                                                    
|Cash used in
      operating activities                     | (10,838)                             | (148,328)                            | (202,137)                                          
|                                                            |                                      |                                      |                                                    
|Cash flows from
      financing activities:                 |                                      |                                      |                                                    
|Increase in note
      payable                              | 15,282                               | 83,344                               | 103,074                                            
|Increase in due
      to Naturol (U.K.) Limited             | -                                    | 5,285                                | -                                                  
|Proceeds from the
      sale of common stock                | -                                    | -                                    | 103,750                                            
|                                                            |                                      |                                      |                                                    
|Cash provided by
      financing activities                 | 15,282                               | 88,629                               | 206,824                                            
|                                                            |                                      |                                      |                                                    
|Cash flows from
      investing activities:                 |                                      |                                      |                                                    
|Advances on notes
      receivable                          | (4,500)                              | -                                    | (4,500)                                            
|Investments in
      and advances to Naturol Canada Limited | -                                    | 60,307                               | -                                                  
|                                                            |                                      |                                      |                                                    
|Cash provided by
      (used in) investing activities       | (4,500)                              | 60,307                               | (4,500)                                            
|                                                            |                                      |                                      |                                                    
|Increase
      (decrease) in cash                           | (56)                                 | 608                                  | 187                                                
|                                                            |                                      |                                      |                                                    
|Cash beginning of
      period                              | 243                                  | 4,831                                | -                                                  
|                                                            |                                      |                                      |                                                    
|Cash end of
      period                                    | $
      187                          | $
      5,439                        | $
      187                                        
|                                                            |                                      |                                      |                                                    
|Supplemental
      disclosure of cash flow information:     |                                      |                                      |                                                    
|Cash paid for
      interest                                | $ -
      -                          | $ -
      -                          | $ -
      -                                        
|Cash paid for
      income taxes                            | $ -
      -                          | $ -
      -                          | $ -
      -                                        
|                                                            |                                      |                                      |                                                    
|Non-cash
      financing activities:                        |                                      |                                      |                                                    
|Stock issued for
      subscription receivable              | - -                                  | - -                                  | 28,400                                             
|Stock issued and
      note assumed in reverse merger       | - -                                  | - -                                  | 52,765                                             
|Stock returned to
      the Company and cancelled           | - -                                  | - -                                  | 9,931                                              
|Reverse stock
      split                                   | - -                                  | - -                                  | 60,000                                             



See
notes to condensed financial statements





NATUROL
HOLDINGS LTD.

(A
Development Stage Company)

NOTES TO
CONDENSED FINANCIAL STATEMENTS



Note 1
- Basis of Presentation

The
unaudited condensed financial statements have been prepared in accordance with
United States generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB and reflect all adjustments
which, in the opinion of management, are necessary for a fair presentation. All
such adjustments are of a normal recurring nature. The results of operations for
the interim period are not necessarily indicative of the results to be expected
for a full year. Certain amounts in the prior year statements have been
reclassified to conform to the current year presentations. The statements should
be read in conjunction with the financial statements and footnotes thereto
included in the Company's Form 10-KSB for the year ended December 31, 2002.



The
Company is in the development stage and its activities to date have been limited
to organizational activities including developing and implementing its business
plan, establishing business strategies and formulating a strategy to raise
equity.



The
financial statements include the company and its wholly-owned subsidiary Naturol
Inc. All significant intercompany transactions and balances have been
eliminated.



Note 2
- Going Concern

The
accompanying condensed financial statements have been prepared assuming that the
Company will continue as a going concern. The ability of the Company to continue
as a going concern is dependent upon management to attain profitable operations
based on the development of products that can be sold. Management intends to use
borrowings and security sales to mitigate the affects of its cash position,
however, no assurance can be given that debt or equity financing, if and when
required, will be available. The financial statements do not include any
adjustments relating to the recoverability and classification of recorded assets
and classification of liabilities that might be necessary should the Company be
unable to continue in existence.



Note 3
- Note Payable

The
notes payable are demand notes due to corporations owned by a shareholder of the
Company with an interest rate of 10%. Interest has been accrued and added to the
note balance.



Note 4
- Reverse Stock Split

On July
22, 2002 the Company's Board of Directors approved a reverse stock split on a 1
for 5 basis. The financial statements have been retroactively adjusted for this
reverse split.



Note 5
- Notes Receivable





Item 2.
Plan of Operation



This
report contains forward-looking statements. Actual results and events could
differ materially from those projected, anticipated, or implicit, in the
forward-looking statements as a result of the risk factors set forth below and
elsewhere in this report.





With
the exception of historical matters, the matters discussed herein are
forward-looking statements that involve risks and uncertainties. Forward-looking
statements include, but are not limited to, statements concerning our ability to
find an acquisition or merger candidate. Our actual results could differ
materially from the results discussed in such forward-looking statements. The
following discussion of our financial condition and results of operations should
be read in conjunction with our financial statements and the related notes
thereto appearing elsewhere herein.



Overview



Naturol
Holdings Ltd., ("NHL") formerly Coronado Explorations Ltd., a Delaware
corporation, was incorporated on February 2, 1999. On January 17, 2002, NHL
completed a reverse triangular merger between Coronado Subsidiary Corp. ("CSC"),
a Nevada corporation and a wholly-owned subsidiary of NHL, and Naturol Inc.
("Naturol"), a Nevada corporation, whereby NHL issued 50,000,009
shares of its common stock in exchange for 100% of Naturol's outstanding common
stock. Pursuant to the terms of the merger, Naturol merged with CSC wherein CSC
ceased to exist and Naturol became a wholly-owned subsidiary of NHL. NHL changed
its name to Naturol Holdings Ltd., on July 22, 2002. NHL is a development stage
company, has no revenues to date and has raised capital for initial development
through the issuance of its securities.



Prior
to the Merger, NHL was engaged in the exploration of mineral properties and
subsequently became a shell corporation. All business of NHL was being conducted
through its wholly owned subsidiary, Naturol. Naturol owned the exclusive North
American License for extraction technologies, Naturol Extraction Technology, to
be developed for use in the Pharmaceutical, Nutraceutical, flavors, and
fragrances industries.



MGA Agreement



During
August of 2002, Naturol, NHL's subsidiary, received correspondence from MGA
Holdings Limited, which indicated MGA's intention to default Naturol on the
License Agreement existing between MGA and Naturol, and take a course of action
including termination of the License Agreement for failure by Naturol to meet
its obligations under the terms of the License Agreement. Following negotiations
between the Parties, on September 20, 2002, the Company entered into a Letter
Agreement with MGA, Willow Holdings Limited (our then majority stockholder) and
Naturol Canada.



On
December 16, 2002, NHL was advised that as a result of NHL's inability to fund
and advance the commercial development of the technology licensed from MGA, that
MGA would consider Naturol to be in default of its obligations under the
Non-exclusive License Agreement unless Naturol or its parent, NHL, could
demonstrate that it had sufficient working capital to fund its obligations. As a
result of the MGA default, the Non-exclusive License Agreement was terminated.



On
January 28, 2003, Isaac Moss, our then sole officer and director, appointed
Bradley Grieco as the new director of the Company, which subsequently elected
himself as the sole officer of the Company.





Plan of
Operation



We have
been in the developmental stage since inception, and as the result of the
termination of our Non-exclusive License Agreement with MGA, we have no
operations. Our plan of operation, at present, is to seek a business entity
interested in a business combination with us.



We will
not acquire or merge with any entity, which cannot provide audited financial
statements at or within a reasonable period of time after closing of the
proposed transaction. We are subject to all the reporting requirements included
in the Exchange Act. Included in these requirements is our duty to file audited
financial statements as part of our Form 8-K to be filed with the Securities and
Exchange Commission upon consummation of a merger or acquisition, as well as our
audited financial statements included in our annual report on Form 10-K (or
10-KSB, as applicable). If such audited financial statements are not available
at closing, or within time parameters necessary to insure our compliance with
the requirements of the Exchange Act, or if the audited financial statements
provided do not conform to the representations made by the target business, the
closing documents may provide that the proposed transaction will be voidable at
the discretion of our present management.



We will
not restrict our search for any specific kind of businesses, but may acquire a
business, which is in its preliminary or development stage, which is already in
operation, or in essentially any stage of its business life. It is impossible to
predict at this time the status of any business in which we may become engaged,
in that such business may need to seek additional capital, may desire to have
its shares publicly traded, or may seek other perceived advantages which we may
offer.



A
business combination with a target business will normally involve the transfer
to the target business of the majority of our common stock, and the substitution
by the target business of its own management and board of directors.



We
have, and will continue to have, no capital with which to provide the owners of
business opportunities with any cash or other assets. However, management
believes we will be able to offer owners of acquisition candidates the
opportunity to acquire a controlling ownership interest in a publicly registered
company without incurring the cost and time required to conduct an initial
public offering. Our officer and director has not conducted market research and
is not aware of statistical data to support the perceived benefits of a merger
or acquisition transaction for the owners of a business opportunity.



Our
financial report reflects the fact that we have no current source of income.
Further, that without realization of additional capital, it would be unlikely
for the Company to continue as a going concern.



Going Concern



The
Company's financial statements are prepared using the generally accepted
accounting principles applicable to a going concern, which contemplates the
realization of assets and liquidation of liabilities in the normal course of
business. The ability of the Company to continue as a going concern is dependent
upon the ability in its endeavors to seek additional





sources
of capital, and in attaining future profitable operations. Management is
currently initiating their business plan and in the process of raising
additional capital. The accompanying financial statements do not include any
adjustments that might be necessary should the company be unable to continue as
a going concern.



Item 3.
Controls and Procedures



1. Bradley Grieco, our sole officer and director, evaluated the effectiveness of
the design and operation of our disclosure controls and procedures, as such term
is defined under Rule 13a-14(c) promulgated under the Securities Exchange Act of
1934, as amended, within 90 days prior to the filing date of this report. Based
on his evaluation, Mr. Grieco concluded that our disclosure controls and
procedures are effective.
2. There have been no significant changes (including corrective actions with regard
to significant deficiencies or material weaknesses) in our internal controls or
in other factors that could significantly affect these controls subsequent to
the date of the evaluation referenced in paragraph (a) above.

PART
II--OTHER INFORMATION



Item 1. Legal
Proceedings



None



Item 2. Changes in
Securities



None



Item 3. Defaults by the
Company upon its Senior Securities



None



Item 4. Submission of
Matters to a Vote of Security Holders



None



Item 5. Other
Information



None



Item 6. Exhibits and
Reports of Form 8-K



(a) Exhibits

31.1
Certification pursuant to Section 302 of the Sarbanes-Oxley Act

32.1
Certification pursuant to Section 906 of the Sarbanes-Oxley Act



(b) Form
8-K

None





SIGNATURES



Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.



NATUROL HOLDINGS LTD.

(Registrant)





By: /S/Bradley
Grieco

Bradley Grieco, President



Date: August 10, 2003